The costs of bad records management – is it time to invest in a solution?

It’s hard to put a price on your company’s records. But it’s easy to recognize that the inefficiencies of poor records management can cost you dearly. Perhaps it’s time to invest in a records management solution to put your mind at ease?

With an ever-increasing appetite for the speedy delivery of the information we need, data storage has become more important than ever. From contracts and invoices to CVs and employee information, our work lives constantly require access to information – but are we managing our data properly?

Take a look at the cost of bad records management:

Wasted time:

Non-existent search systems and recurring clerical errors cost businesses valuable time. The average professional spends almost 50% of their time looking for information – a statistic that can be greatly reduced by streamlining your administrative processes. Process efficiency saves time which ultimately saves money.

Wasted Space:

For one, inefficient use of space affects productivity. It’s simply impractical to have storage closets, meeting rooms, extra desks, and filing cabinets packed with documents. It is also both a fire and safety risk. Because office space is a big expense, space should be used as efficiently as possible in order to save money and ensure safety in the workplace.

Security risks:

Poorly stored data poses a considerable security risk. Sensitive information can be lost, misplaced or stolen. Did you know that most leaked or compromised data is the result of poor information management? Up to date and well-managed document management systems can help to limit security risks from within and outside of a business.

Stress levels:

When employees cannot easily find and share information is limited, stress levels increase. Higher stress levels lead to lower productivity. Asking employees to do unnecessary or unproductive work can lead to reduced employee satisfaction, which always leads to lower performance levels.

So, the time to streamline your information management systems is now. When all is said and done, your investment in a document management system will save you from all these hidden costs of poor record keeping.